There are many books about how to make money. There are far fewer about how people actually lose it. What I Learned Losing a Million Dollars, by Jim Paul and Brendan Moynihan, is part confessional, part autopsy, and entirely brilliant. And for those of us who live in the biotech

There are very few finance books that you can read without needing a double espresso or a minor existential crisis halfway through. But George Schultze’s The Art of Vulture Investing is one of them. It’s a book that doesn’t just make a case for distressed investing—it

The integration of artificial intelligence (AI) into drug discovery is reshaping pharmaceutical development, prompting regulatory bodies to adapt their frameworks to ensure safety and efficacy. Both the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) are actively developing guidelines to address the complexities introduced by

Venture capital, like any industry where past success is difficult to verify, has a long tradition of being economical with the truth. For those unfamiliar with the phrase, “being economical with the truth” originates from British political double-speak—often meaning to leave out inconvenient details while still technically telling

Every year, the pharma industry rolls out its latest batch of “game-changing,” “best-in-class,” and “first-in-class” therapies, showering them with press releases, LinkedIn posts, and conference keynotes that make them sound like the next penicillin or insulin. The marketing is relentless. Sales reps are armed with

capable of wreaking havoc if overindulged. For biotech founders staring down the barrel of cash burn and trial delays, it offers a beguiling promise: extend the runway, skip the equity dilution, and keep your cap table intact. What’s not to love? Plenty, as it turns out. Like all debts,

Focusing on the real-world impacts of neglecting Extreme Value Theory (EVT), particularly in biotechnology and pharmaceuticals, offers a potent narrative. Bluebird Bio’s European retreat provides a compelling case study of how inadequate anticipation of pricing and market-access dynamics can lead to strategic and financial failures, and it

The biotech world thrives on optimism. Pitch decks brimming with breakthroughs and life-saving treatments are a staple of the industry’s courtship of investors. Central to these presentations, particularly in oncology, is a venerable statistical tool: the Kaplan-Meier survival curve. Its simplicity and visual appeal make it the

The Problem with Probability of Phase Transition (POPT) in Biotech and Pharma Probability of Phase Transition (POPT) is a commonly used metric in drug development that measures the likelihood of a drug candidate advancing from one specific phase of development to the next. Unlike broader metrics such as Probability of

Biotech investments are uniquely characterized by uncertainty, where extreme events—whether unexpected breakthroughs or catastrophic failures—play an outsized role. Traditional Gaussian models often fail to capture these tail risks, leading to flawed valuation, inadequate risk mitigation, and financial losses. Fat-tailed models, which emphasize the likelihood and impact of